Maotai said that in the first half of 2026, through market-based channel layout reforms, the consumer side reached a wider range of targets. The monthly storage and sales ratio of Maotai liquor in the social channel system was less than 1.0, and stocks distributed through social channels were at a healthy level. After a series of measures and guidance since 2024, combined with the 2026 supply and demand adaptation channel system, the “follow market” price system, and dynamic adjustment mechanism, the “middle layer” hype space has been greatly compressed, the risk of hoarding has increased, and the will to hoard has decreased. Such highly liquid “speculative inventory” has been reduced to a lower level, which is insufficient to form a “weir lake” to impact market stability.

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